Your wedding is a special day and your family would want to do everything possible to fulfill your wishes. Whether it is having an exotic orchid flower décor, a multi-cuisine catering, or something else you have in mind.
Although you may have set aside funds towards your wedding, the increase in costs and inflation can upset many plans. You definitely don’t want to cut corners by compromising on quality.
Avail a Wedding Loan can help you manage your all wedding expenses without any stress and hassle, making it a memorable event for you and everyone else. Here’s why you should opt for a personal loan for your marriage.
1) You get a fast approval on loans
Arranging for finances is not an easy job. Even if you take collective financial help of your family or friends, they may have their own needs to take care of, and the amount you receive may still not be enough to fund your marriage. Do not compromise on your wedding details or delay the date because of lack of funds. With a personal loan, you can meet your expenses comfortably without hampering your marriage preparations.
If your credit score is good and you meet the eligibility criteria you can get a personal loan quickly. It requires minimal documents and the loan is disbursed within 24 hours after document verification. After all, the sooner you start preparing for the big day, the better it is.
2) You need not arrange for a collateral
While you are busy sorting out the list of DJs for your ‘sangeet’ and the return gifts, let not let the stress of pledging any collateral for a loan bother you. A personal loan is an unsecured loan and therefore banks do not ask for any collateral. It makes the process quick and stress-free.
3) You can choose your tenure
You have the liberty of choosing the tenor of the loan for your wedding. You can pick it according to your income source and other obligations. Using Loan EMI Calculator you can know your personal loan monthly EMI.
Additional points to consider
Before you apply for a marriage loan, let's clear some aspects
a) Prepare a budget before you apply
When you are eligible for a loan with a good credit score, sanctioning a loan may not be difficult for the bank. However, it is necessary that you do not overestimate your expenses and end up taking a loan more than required. For instance, you may easily get a loan of Rs.15 lakh, but if you only require Rs.8 lakh for your wedding, the balance would be an unnecessary burden on your finances.
Create a budget and make a rough estimate of the expenses you may incur in your marriage to accordingly apply for a loan.
b) Look for the lowest interest rate
While you are exploring the best designers to pick the attire for your big day, spare some time for the best loan offer as well. Surf through various banks/financial institutions websites and look for the one that gives you a loan with the lowest interest rate.
c) Look for hacks to reduce your expenses
While your personal loan will ensure that your marriage is no less than any royal wedding, some smart deals and tips can help you achieve much more for less.
For instance, you can time your wedding during an offseason, when the cost of wedding packages is low. Alternatively, shopping for your wedding during a sale season at designer studios can help you cut cost without compromising on the grandeur.
Your dream of having a wedding with pomp and glamour can become a reality with the help of a personal loan. Marriages are a costly affair, and hence it is important you choose the best lender that allows you to enjoy your big day stress-free. Look into the different features of various personal loans before you finalize on the right one to brighten your marriage functions.
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